Galaxy Resources Limited (ASX:GXY) Loan Facility Drawdown Completed
Perth, Sep 22, 2010 AEST (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF), is pleased to announce that the project loan facility has been fully drawn.
The Company has now received the full US$105 million from the syndicate banks, China Development Bank (CDB) and Austrian bank, Raiffeisen Zentralbank Österreich AG (RZB), in its loan facility disbursement account.
Drawdown funds will be used to continue the construction of both the Mt Cattlin and Jiangsu projects and repay any outstanding bridging loans.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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